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Jul 27, 2011
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and it's not small, it's big. and so there is $60 billion a year that -- i mean over ten years that we could save just by reforming the social security and disability system. and that doesn't say you don't want to help people that are disabled. it says you want to do what's the best thing for our country and help those people that are disabled. but we have undermined and we have taken advantage of those who need our love and care and they cheat the system and we have a bureaucracy that doesn't take them off the system, and we have an incompetent system of jurisprudence within the social security administration that puts people on that should never be on. but the attack comes that you don't care about people if you -- if, in fact, you want to fix this program. social security, everybody says don't touch social security. this congress and the congress before it has stolen stolen $2.5 trillion from the money you have put into social security. they have written a little bitty i.o.u. note there and said, well, when you
and it's not small, it's big. and so there is $60 billion a year that -- i mean over ten years that we could save just by reforming the social security and disability system. and that doesn't say you don't want to help people that are disabled. it says you want to do what's the best thing for our country and help those people that are disabled. but we have undermined and we have taken advantage of those who need our love and care and they cheat the system and we have a bureaucracy that doesn't...
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Jul 5, 2011
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so let's start soda with the big picture. here we are several years out of the financial crisis and you talk about some of the liquid fx. mr. bernanke talked about the risk this week, some of the problems that particularly persistent, seem to be continuing and may raise the risk that the slow down that we seem to be experiencing at the moment process. what anxiety level do you think is appropriate for the public and our policymakers right now as we look out to the risk that we see that seem to be percolating over the horizon on any number of different fronts? >> well, i think these are risks but they are subject to our control and influence. if we take some action and make some decisions. i think with the housing market we still have a low level from. these loans need to be restructured whether it makes economic sense for the distressed borrower can make an economically viable payment or if not, there needs to be relocation assistance or some other mechanism to clear the market. .. the industry, this is another promise aligne
so let's start soda with the big picture. here we are several years out of the financial crisis and you talk about some of the liquid fx. mr. bernanke talked about the risk this week, some of the problems that particularly persistent, seem to be continuing and may raise the risk that the slow down that we seem to be experiencing at the moment process. what anxiety level do you think is appropriate for the public and our policymakers right now as we look out to the risk that we see that seem to...
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Jul 15, 2011
07/11
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it's hard to do a big package. my republicans friends have said they are not willing to do revenues, and they have repeated that on several occasions. my hope though is that they are listening not just to lobbyist or special interest here in washington, but they are also listening to the american people. turns out poll after poll, many done by your organizations show that it's not just democrats that think we need to take a balanced approach. it's republicanned as well. the clear majority of republican voters think that any deficit reduction package should have a balanced approach and should include some revenues. that's not just democrats. that's the majority of republicans. you have a whole slew of republican officials from previous administrations, you've got a bipartisan commission that has said that we need revenues. so this is not just a democratic understanding. that is an understanding that i think the american people hold that we should not be asking sacrifices from middle class folks who are working hard
it's hard to do a big package. my republicans friends have said they are not willing to do revenues, and they have repeated that on several occasions. my hope though is that they are listening not just to lobbyist or special interest here in washington, but they are also listening to the american people. turns out poll after poll, many done by your organizations show that it's not just democrats that think we need to take a balanced approach. it's republicanned as well. the clear majority of...
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Jul 5, 2011
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i see this as a big problem for two reasons. one, the gses are currently securitizing, helping securitize over 90% of the mortgage risk, new mortgages that are originated. fair share from under 5% in early 19 -- has climbed out in stock, to over 50%. if we don't get private sector in this market anytime soon, most likely the united states government will gradually own the entire mortgage credit risk of the country. i think it's a scary thought in a time when the gse is basically not a balance sheet of deny states government. $175 billion has already been spent in the form of taxpayer losses. there's a sense in which it could be a much bigger role than what it stands right now. so i think there are quite important resolution issues, she some short-term from how will we deal with money market fund runs, maybe that's an immediate risk. how will we deal with ccp under capitalization, maybe that's a five year risk potentially in expected turns, five or 10 years. and then there's this huge 10 year unwinding program we need to put in p
i see this as a big problem for two reasons. one, the gses are currently securitizing, helping securitize over 90% of the mortgage risk, new mortgages that are originated. fair share from under 5% in early 19 -- has climbed out in stock, to over 50%. if we don't get private sector in this market anytime soon, most likely the united states government will gradually own the entire mortgage credit risk of the country. i think it's a scary thought in a time when the gse is basically not a balance...
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Jul 25, 2011
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industry which i didn't realize was having such a difficult time, but they're getting killed by the big warehouses that are selling to the folks who like to buy car parts. and, but this isn't just a main street versus internet because all these internet companies are on main street somewhere. and what happens when we get to the point where everybody's internet? aren't we all still just main street? and aren't we then in the same exact position as we are today where the internet, main street retailer in downtown sioux falls, south dakota, is competing with the internet mainstream retailer in utah without that price differential, and, you know, they're butting heads against each other trying to steal reach other's -- each other's local customers. in our view this is a retailing versus retailing, and at some point in this process we all have to compete with each other without the government giving one a competitive advantage over another. >> host: mr. peterson, you said earlier that you saw state sales tax going away. could you expand on that a little bit? >> guest: there is considerable c
industry which i didn't realize was having such a difficult time, but they're getting killed by the big warehouses that are selling to the folks who like to buy car parts. and, but this isn't just a main street versus internet because all these internet companies are on main street somewhere. and what happens when we get to the point where everybody's internet? aren't we all still just main street? and aren't we then in the same exact position as we are today where the internet, main street...
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Jul 12, 2011
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that would be a big mistake. that's why republicans are united in saying increasing taxes at any time, particularly in a weak economy, is the wrong prescription. getting our debt and deficit and spending under control, a balanced budget amendment, that's the solution. it can actually be enacted very quickly. we don't have to face a crisis that president obama and treasury secretary are trying to whip up here. mr. sessions: madam president, i would just say that i do believe we are at a national crisis with our debt. i believe that it endangers the nation because the erskine bowles who chaired the debt commission, appointed by president obama, has told us that we are facing an economic crisis as a result of the debt and written testimony to the budget committee, and he warned that we have to change the course we're on. i certainly believe that's true and i believe the rogoff and reinhart study affirmed by secretary geithner is correct, that it's already pulling down our growth. i'm really worried about the future
that would be a big mistake. that's why republicans are united in saying increasing taxes at any time, particularly in a weak economy, is the wrong prescription. getting our debt and deficit and spending under control, a balanced budget amendment, that's the solution. it can actually be enacted very quickly. we don't have to face a crisis that president obama and treasury secretary are trying to whip up here. mr. sessions: madam president, i would just say that i do believe we are at a national...
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Jul 18, 2011
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until then, a big tank is for studio audience in a big tank is to former massachusetts governor, mitt romney. [applause] fcc commissioner robert mcdowell on the fcc's actions this week to begin cracking down on unauthorized service charges on consumers phone bills. that and other issues in front of the sec on "the communicators" on c-span2. >> have you ever visited the library of congress? over 2 million people have a now this is your chance to tour the world's largest library. tonight joined c-span for a look inside the library of congress. we will take you into the great hall and explore the main reading rooms. you will find unique books and the rare books and special collections including original books from thomas jefferson's personal collection and we'll see how the libraries using modern technology to discover hidden secrets and to preserve its holdings for future generations. join us for the library of congress tonight at 8:00 p.m. eastern and pacific on c-span. >> the senate has completed its business for the day and will gavel and tomorrow at 10:00 a.m.. earlier on the floor
until then, a big tank is for studio audience in a big tank is to former massachusetts governor, mitt romney. [applause] fcc commissioner robert mcdowell on the fcc's actions this week to begin cracking down on unauthorized service charges on consumers phone bills. that and other issues in front of the sec on "the communicators" on c-span2. >> have you ever visited the library of congress? over 2 million people have a now this is your chance to tour the world's largest library....
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Jul 7, 2011
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i hope they think big. i hope they swing for the fences and get a result and bring it back to us and let us consider it and hopefully -- hopefully enact it and get on to other things. we -- the debt is a major long-term problem, not just for our grandchildren but for us today. we have a bigger issue facing us, and that is the fact that we have had persistent unemployment in an economy that's not growing, and that's hurting too many people. so the sooner we swing for the fences and get a result and get our debt under control and deal with it in a bipartisan way, the better for the country and the quicker we will be able to get on to the larger question of jobs. of course, economists have made it clear to us that getting the debt under control has a lot to do with jobs, that when our total debt is as high as it is today, nearly 100% of our gross domestic product, that that probably costs us a million jobs a year. we can't solve all that in one day or one month, but we can take a big step in the right directio
i hope they think big. i hope they swing for the fences and get a result and bring it back to us and let us consider it and hopefully -- hopefully enact it and get on to other things. we -- the debt is a major long-term problem, not just for our grandchildren but for us today. we have a bigger issue facing us, and that is the fact that we have had persistent unemployment in an economy that's not growing, and that's hurting too many people. so the sooner we swing for the fences and get a result...
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Jul 13, 2011
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it would have three big teaches and, again, the details of these -- it would have three big features, and again the details would be outlays need to equal revenues. that is the fundamental definition of a balance. you don't run deficits. you make sure that you spend no more than you take n the sieged thing that some of us feel strongly about and i'm one of them, we ought to limit spending as a percentage of our economy so that the government doesn't keep growing at the expense of the private sector, which is exactly what happens when the government occupies too large a segment of our economy. and finally, we've advocated that we not create a mechanism that simply guarantees big tax increases in order to balance the budget and to do that we would like -- and we have included a supermajority requirement to raise taxes. so that a simple majority wouldn't be enough. it would require a supermajority, which would only occur presumably in truly extraordinary circumstances. see, i believe very strongly that we can have strong economic growth and the job creation that we need. but to get there
it would have three big teaches and, again, the details of these -- it would have three big features, and again the details would be outlays need to equal revenues. that is the fundamental definition of a balance. you don't run deficits. you make sure that you spend no more than you take n the sieged thing that some of us feel strongly about and i'm one of them, we ought to limit spending as a percentage of our economy so that the government doesn't keep growing at the expense of the private...
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Jul 6, 2011
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it's a big sum of money. so we spend it in our expenditure levels, defense department, all the way through the agriculture department, everything in between, and we forgive or don't collect the same amount in the tax code. so who benefits from that? well, let's look at the basics. 70% of american taxpayers do not itemize on their tax returns. they file the standard return. they don't itemize. so the tax code doesn't mean anything to them. if there is a special deduction, unless it was a refundable tax credit -- rare category -- it doesn't help them. 70% of americans don't touch it. what are the biggest deductions under the u.s. tax code today? i in all my wisdom and education and experience on capitol hill, i raised my hand to the teacher and said well, it's the mortgage interest deduction, right? wrong. the biggest single deduction is the employers exclusion for health care premiums. so employers are able to exclude from income the amount of money they spend for health insurance for their employees. that's t
it's a big sum of money. so we spend it in our expenditure levels, defense department, all the way through the agriculture department, everything in between, and we forgive or don't collect the same amount in the tax code. so who benefits from that? well, let's look at the basics. 70% of american taxpayers do not itemize on their tax returns. they file the standard return. they don't itemize. so the tax code doesn't mean anything to them. if there is a special deduction, unless it was a...
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Jul 27, 2011
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it reminds me of "too big to tpaeug" the movie -- too big to fail, the movie. they got all the money and then didn't spend a dime on it with helping with mortgages. the damage we're doing to our aviation system is incredibly real. and if we fail to act in a timely manner, it may be so devastating as to become irreversible. when you think about it, it does make sense. if you operate on somebody and cut beyond a certain point, you can't reverse the damage. with so much pain being inflicted on so many, you may ask why my republican colleagues have refused reputed requests to pass a clean extension, something we have done 20 times in the past four years. they are willing evidently to hurt so many of the benefit -- so many people for the benefit of one company. it's called delta airlines. the chairman of the house transportation committee has stated publicly the house-inserted language on the essential air service program, we need that to leverage the senate on including provisions on relating to the national mediation board. now, what do i mean by that? what they s
it reminds me of "too big to tpaeug" the movie -- too big to fail, the movie. they got all the money and then didn't spend a dime on it with helping with mortgages. the damage we're doing to our aviation system is incredibly real. and if we fail to act in a timely manner, it may be so devastating as to become irreversible. when you think about it, it does make sense. if you operate on somebody and cut beyond a certain point, you can't reverse the damage. with so much pain being...
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Jul 12, 2011
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you are married to those big solid rockets. and if there's a failure then, there is no way out for the crew. and as we saw, that was how challenger 25 years ago was destroyed. they had a malfunction in one of the rockets. it caused the whole thing to explode. i'm talking about one of the solid rockets within the first two minutes of flight. well, we're going to have a much safer way to get to and from the space station. the sad thing is, however, that the rocket for humans is not ready and it's going to take about another three years. and, therefore, it is sad that all of that finest launch team in the world at the kennedy space center, a good part of them are having to be laid off. and that will -- that employment will ramp up over the next several years as we build and launch those kind of rockets. now, there's another set of human rated rockets. i'm just talking about the manned space program now. i'm not talking about the unmanned. look what we're getting ready. this year we're going to jupit jupiter. later on, we are getti
you are married to those big solid rockets. and if there's a failure then, there is no way out for the crew. and as we saw, that was how challenger 25 years ago was destroyed. they had a malfunction in one of the rockets. it caused the whole thing to explode. i'm talking about one of the solid rockets within the first two minutes of flight. well, we're going to have a much safer way to get to and from the space station. the sad thing is, however, that the rocket for humans is not ready and it's...
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Jul 15, 2011
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we call ited big shift. if you look at the last 100 years, during the 20th century, basically changes happen in terms of you might call the s-curve. long periods of stable, brief moments of disturbance when big changes happen, then 30-40-50-60 years of stability in which we reinvent work practices, social practices, educational practices. we knew how to play that game pretty well. what's happened now is in the last probably ten years we're moving to a different kind of infrastructure that has driven by the laws, the digital laws of computation, accelerating as we speak. now what we really find is we're having a world in which we have constant disruption nearly every year. and the challenge is how do you actually start to leverage that rather than fear that? in terms of driving innovation. i see this as not doing to slow down as all in the next 30 or 40 years. if it the law slows down. let me say this personally. the curve on the right i could actually recoo pick late the last ten years of my life and say the
we call ited big shift. if you look at the last 100 years, during the 20th century, basically changes happen in terms of you might call the s-curve. long periods of stable, brief moments of disturbance when big changes happen, then 30-40-50-60 years of stability in which we reinvent work practices, social practices, educational practices. we knew how to play that game pretty well. what's happened now is in the last probably ten years we're moving to a different kind of infrastructure that has...
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Jul 7, 2011
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of course they'd be in big trouble. and the senate is not in trouble but the country is in trouble because the senate is not doing its job and neither the house nor the senate did its job in the last congress for the first time ever and that's how we go into three years since we had a work document that we should have to work with. and what do we do this week? the disappointment to all three of us is we said we wanted to stay this week and deal with these issues. we started out trying to deal with the libya resolution which apparently wasn't important enough to deal with last thursday when we were going to take a week to work in our states. and then when people on the republican side said we really think we ought to be debating the reason we were supposed to stay, we still don't do that. we have this amendment -- i think it was supposed to be and is a sense of the senate that millionaires aren't paying enough taxes. now, we all understand -- we all understand the politics of that, just like we understand the politics of
of course they'd be in big trouble. and the senate is not in trouble but the country is in trouble because the senate is not doing its job and neither the house nor the senate did its job in the last congress for the first time ever and that's how we go into three years since we had a work document that we should have to work with. and what do we do this week? the disappointment to all three of us is we said we wanted to stay this week and deal with these issues. we started out trying to deal...
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Jul 28, 2011
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but he was bold and he was willing to take big, big leaps. i guess back to his early days as a broad jumper he was willing to take big, big leaps. as a staff perpendicular, he was extraordinary to work for. i've told the story of opening day. a few of us were in on that news but it had to be very closely held because you'd have created a run on all those banks if word had leaked. so even many of his staff people had no idea this was going on until he announced it. so that was kind of a shocker, and made -- it made for an interesting time to be a staff person. now, on another occasion he had a couple of raccoons bothering his -- on his property and they were bothering some -- a den of baby foxes and he didn't want the baby foxes to be killed by the raccoons so he took out a shotgun, went down to the end of his property and shot the two raccoons and then climbed this the car with his state trooper and headed off to work and of course described this exciting episode of his morning and the trooper said to him, governor, don't you realize that it'
but he was bold and he was willing to take big, big leaps. i guess back to his early days as a broad jumper he was willing to take big, big leaps. as a staff perpendicular, he was extraordinary to work for. i've told the story of opening day. a few of us were in on that news but it had to be very closely held because you'd have created a run on all those banks if word had leaked. so even many of his staff people had no idea this was going on until he announced it. so that was kind of a shocker,...
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Jul 11, 2011
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how big is it? and are weapon withs coming through sudan, eritrea, and are any of those weapons coming from china? with regards to the pirates, dr. murphy points out in his testimony and others have pointed out in their testimony as well that there are, you know, there needs to be a land solution. and i think that's obvious, but if you briefly could touch on that. chairman royce? we'll do all the questions so that -- >> yeah. and i'll be very brief as well. deputy assistant secretary yamamoto, if i could ask you this question: when the last administration left office, there was an internal debate over whether eritrea should be designated a state sponsor of terrorism for its support for al-shabab. um, it didn't happen at the time, but just after she left government service, former assistant secretary frazier wrote a good piece in "the wall street journal", and the theme was eritrea should be listed as a state sponsor of terrorism. and i think, you know, we've got u.n. report after u.n. report citing
how big is it? and are weapon withs coming through sudan, eritrea, and are any of those weapons coming from china? with regards to the pirates, dr. murphy points out in his testimony and others have pointed out in their testimony as well that there are, you know, there needs to be a land solution. and i think that's obvious, but if you briefly could touch on that. chairman royce? we'll do all the questions so that -- >> yeah. and i'll be very brief as well. deputy assistant secretary...
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Jul 21, 2011
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those are the big ones. that was the sum and stance of s the sum and stains of what they came up for. what are entitlement programs? things that we're entitled to by virginia tie of our age, if we are 65 years of age, we paid into social security, medicare, we may be eligible -- will be eligible in all likelihood for medicare f we're disabled, totally disabled to work, we'll be eligible for medicare, even before age 65. if we paid into social security for a number of years, we'll be eligible foyer early retirement for sact age 62. we can take it at 67 for full retirement benefits, which i think are roughly about $2,000 per month max, something like that. but anyway, those are some things -- medicare, medicaid, social security are entitlement programs. they said they should all be on the table. they did not propose using social security to balance the budget but what they did say is say we've got a long-term problem in social security with the imbalance between now the amount of money that is coming into soci
those are the big ones. that was the sum and stance of s the sum and stains of what they came up for. what are entitlement programs? things that we're entitled to by virginia tie of our age, if we are 65 years of age, we paid into social security, medicare, we may be eligible -- will be eligible in all likelihood for medicare f we're disabled, totally disabled to work, we'll be eligible for medicare, even before age 65. if we paid into social security for a number of years, we'll be eligible...
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Jul 22, 2011
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that's how big it is. and there are six human beings up there doing research right now, and, you know, we have trials in the food and drug administration on drugs that have been developed on that international space station. the first one that's in trials right now is a vaccine for salmonella. another one that is getting ready to start trials is a vaccine for mrsa, it is the highly infectious bacterial disease in hospitals that we find so difficult to control because you can't get a kind of antibiotic that'll control it. so, mr. president, i just wanted to say for america's space team, a job well-done. a number of us, including senator hutchison and myself, had introduced and we passed last week the resolution commemorating the men and women of nasa and, indeed, their congratulations and commendations are certainly in order. -- on a job well-done. the space program lives -- the space program will go to greater heights. we will go to mars, and we will see americans venture out into the cosmos for even great
that's how big it is. and there are six human beings up there doing research right now, and, you know, we have trials in the food and drug administration on drugs that have been developed on that international space station. the first one that's in trials right now is a vaccine for salmonella. another one that is getting ready to start trials is a vaccine for mrsa, it is the highly infectious bacterial disease in hospitals that we find so difficult to control because you can't get a kind of...
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Jul 29, 2011
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it's a big step in the right direction for our country. thank you, mr. president. and i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: recognizes the gentlewoman from iowa. mr. grassley: i ask unanimous consent that the call of the quorum be suspended. the presiding officer: without objection, so ordered. mr. grassley: mr. president, i would ask to speak for 20 thnutes.
it's a big step in the right direction for our country. thank you, mr. president. and i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: recognizes the gentlewoman from iowa. mr. grassley: i ask unanimous consent that the call of the quorum be suspended. the presiding officer: without objection, so ordered. mr. grassley: mr. president, i would ask to speak for 20 thnutes.
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Jul 20, 2011
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there is a big difference in science. something can be associated with something. doesn't mean it causes it. and on the base basis of that the secretary committed this country to make payments to people for disabilities that are not associated with their service. so the point is, in a limited budget going forward, if we're paying for disabilities that aren't associated with service, that means we're going to have less money available to those veterans who do have a disability for their service. and we've heard, number one, that this will reverse all that have been made forward. it will not. it's prospective only. it will not change the presumption that if you were in or above vietnam, you have the presumption of being exposed to agent orange. that won't be changed at all. the previous scientific diseases that are based on causation won't be eliminated at all. but, in fact, those that aren't associated with cassality will be eliminated. now, will they be eliminated in the future? if the science at some point in time shows us that there is a causal relationship betwe
there is a big difference in science. something can be associated with something. doesn't mean it causes it. and on the base basis of that the secretary committed this country to make payments to people for disabilities that are not associated with their service. so the point is, in a limited budget going forward, if we're paying for disabilities that aren't associated with service, that means we're going to have less money available to those veterans who do have a disability for their service....